At least they didn’t make the announcement before the Christmas holiday:
ABN Amro Holding NV, the largest Dutch bank, will cut about 900 jobs in North America, including positions at Chicago-based LaSalle Bank, after posting its first drop in quarterly profit in more than four years.
The reductions, which account for about 5 percent of ABN Amro’s workforce on the continent, will occur across almost all areas of the bank and at all major locations, the Amsterdam- based company said today in a statement. Spokesman Shawn Platt said most of the cuts will take place by mid-2007.
Chief Executive Officer Rijkman Groenink said in October he was accelerating a plan to “focus” the bank and boost profit after 5,000 job cuts since 2004 failed to curb costs. Earnings growth at U.S. banks is slowing because increases in interest rates have damped demand for mortgages and raised lenders’ costs to hold deposits….
About 500 of the job reductions will be in the Chicago area and less than 200 will be in Michigan, where the bank’s mortgage-lending unit is based, ABN’s Platt said. The rest of the cuts will occur in the northeast and other areas. ABN also has offices in Toronto, Montreal and Vancouver, Canada.
ABN Amro Plans to Eliminate 900 Jobs in North America – Bloomberg
Tags: ABN Amro, Revolving Door
